Voya (NYSE: VOYA) to merge IAE and IHD into open-end IEMLX

Rhea-AI Filing Summary

Voya Investment Management recommended and the Boards of Trustees of the Voya Asia Pacific High Dividend Equity Fund (IAE) and the Voya Emerging Markets High Dividend Equity Fund (IHD) approved proposed mergers of each fund into the Voya Multi-Manager Emerging Markets Equity Fund (IEMLX), an open-end fund.

Each closed-end fund will hold a special meeting of shareholders to vote on the transactions and proxy materials are expected to be filed with the SEC in the coming weeks. Voya IM said a large institutional investor in each fund has agreed to support the mergers and remain a passive investor for a period of time. Assets under management for Voya IM were $353 billion as of March 31, 2026.

Insights

Fund Governance Analyst

Board-approved mergers of two closed-end funds into an open-end vehicle; shareholder votes and proxy filings are next.

The Boards of Trustees of IAE and IHD approved proposed reorganizations into the open-end IEMLX. Each fund will hold a special shareholder meeting; detailed terms will appear in the Proxy Statement/Prospectus when filed with the SEC.

Key dependencies include shareholder approval and the timing and contents of the proxy materials; subsequent disclosures will specify exchange ratios, cash options, and any fees or tax considerations.

Asset Management Strategist

The sponsor reports institutional support for each merger and cites a $353B asset base for context.

Voya IM disclosed that a large institutional investor in each closed-end fund agreed to back the merger and remain passive for a period. This may reduce near-term selling pressure but does not eliminate the need for shareholder approval.

Monitor the forthcoming proxy materials for distribution mechanics, timing, and any shareholder protections or lockups that affect post-closing ownership and liquidity.

Key Figures

Announcement date: June 2, 2026 Assets under management: $353 billion Investment professionals: 300+ +1 more

4 metrics

Announcement date June 2, 2026 Press release date

Assets under management $353 billion Voya IM as of March 31, 2026

Investment professionals 300+ Voya IM team size

Firm heritage 50-year legacy Voya IM stated legacy of active investing

Key Terms

Proxy Statement/Prospectus, special meeting of shareholders, open-end fund, passive investor

4 terms

Proxy Statement/Prospectus regulatory

"The Proxy Statement/Prospectus has yet to be filed with the U.S. Securities and Exchange Commission"

A proxy statement or prospectus is a document that companies send to shareholders to provide important information about upcoming decisions or investments, such as voting on company issues or offering new shares to the public. It helps investors understand the details and risks involved, enabling them to make informed choices about their ownership or involvement with the company.

special meeting of shareholders regulatory

"IAE and IHD will each hold a special meeting of shareholders to consider approval of the transaction"

open-end fund financial

"into the Voya Multi-Manager Emerging Markets Equity Fund (IEMLX), an open-end fund"

An open-end fund is a pooled investment vehicle that continuously issues and redeems shares at a price based on the fund’s per-share value (net asset value), so investors can buy or sell shares directly from the fund on demand. For investors this matters because the fund offers everyday liquidity and its size can change with cash flows, which affects portfolio management, trading costs and potentially returns — like a shop that adjusts stock levels as customers come and go.

passive investor financial

"a large institutional investor in each of IAE and IHD to support the mergers and remain a passive investor"

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NEWS release 

Filed by Voya Mutual Funds  

pursuant to Rule 425 under the Securities Act of 1933 

Subject Company: Voya Asia Pacific High Dividend Equity Income Fund (File No. 811-22004)​ 

and Voya Emerging Markets High Dividend Equity Fund (File No. 811-22438) 

Voya Investment Management Closed-End Funds Announce Proposed Mergers 

SCOTTSDALE, AZ, June 2, 2026 – Voya Investment Management, the asset management business of Voya Financial, Inc. (NYSE: VOYA) announced today that it has recommended, and the Boards of Trustees of the Voya Asia Pacific High Dividend Equity Income Fund (TICKER: IAE) and the Voya Emerging Markets High Dividend Equity Fund (TICKER: IHD) have each approved, a merger of their respective fund into the Voya Multi-Manager Emerging Markets Equity Fund (TICKER: IEMLX), an open-end fund. Voya Investment Management also announced that it has reached agreement with a large institutional investor in each of IAE and IHD to support the mergers and remain a passive investor for a period of time. 

IAE and IHD will each hold a special meeting of shareholders to consider approval of the transaction. Detailed information on the proposed mergers, and each fund’s respective meeting, will be contained in proxy materials expected to be filed with the Securities and Exchange Commission in the coming weeks. 

SHAREHOLDER INQUIRIES: Shareholder Services at (800) 992-0180; voyainvestments.com 

MEDIA CONTACT: Kris Kagel, (800) 992-0180 

About Voya Investment Management 

Voya Investment Management (IM) manages approximately $353 billion as of March 31, 2026, in assets across public and private fixed income, equities, multi-asset solutions and alternative strategies for institutions, financial intermediaries and individual investors. Drawing on a 50-year legacy of active investing and the expertise of 300+ investment professionals, Voya IM has cultivated a culture grounded in a commitment to understanding and anticipating clients’ needs, producing strong investment performance, and embedding inclusion in its business. 

This press release is not intended to, and does not constitute an offer to purchase or sell shares of IAE, IHD, or IEMLX (together, the “Funds”) nor is this press release intended to solicit a proxy from any shareholder of the Funds. The solicitation of the purchase or sale of securities or of proxy to effect the Reorganization will only be made by a definitive Proxy Statement/Prospectus. The Proxy Statement/Prospectus has yet to be filed with the U.S. Securities and Exchange Commission (the “SEC”). After the Proxy Statement/Prospectus is filed with the SEC, it may be amended or withdrawn. The Proxy Statement/Prospectus will not be distributed to shareholders of the Funds unless and until a Registration Statement comprising of the Proxy Statement/Prospectus becomes effective with the SEC. 

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FAQ

What merger did Voya (IHD) announce?

Voya announced a proposal to merge IHD into the open-end Voya Multi-Manager Emerging Markets Equity Fund (IEMLX). The Boards approved the plan and shareholder meetings will be held; proxy materials will be filed with the SEC in the coming weeks.

Will IHD shareholders vote on the proposed merger?

Yes. IHD will hold a special meeting of shareholders to consider approval of the transaction. Detailed information and voting materials will be provided in the Proxy Statement/Prospectus once it is filed with the Securities and Exchange Commission.

Does the filing state whether any investors support the merger?

Yes. Voya IM reported that a large institutional investor in each of IAE and IHD agreed to support the mergers and to remain a passive investor for a period of time, as disclosed in the press release.

How large is Voya Investment Management by assets?

Voya IM manages approximately $353 billion in assets as of March 31, 2026, across public and private fixed income, equities, multi-asset solutions and alternatives, per the announcement’s summary of firm assets.